Hangzhou Discusses Economic Co-op with Dubai

Delegates from government and business sectors of eastern China's Hangzhou city and Dubai, the commercial and financial hub of the United Arab Emirates (UAE), met in Dubai Monday to discuss ways for boosting economic cooperation between the two cities.

At the 2008 Hangzhou-Dubai Economic Cooperation Forum that opened in Dubai on Monday, entrepreneurs from Hangzhou and Dubai held a series of meetings on trading, financial and real estate industries.

Hangzhou, capital of eastern China's Zhejiang Province, is a city boasting a long history and a dynamic economy, Wang Guoping, Chairman of the Standing Committee of the Hangzhou Municipal People's Congress, said at the forum which was co-organized by the Hangzhou municipal government and Dubai Chamber of Commerce and Industry.

As the sixth most competitive city in Chinese mainland, Hangzhou's gross domestic product (GDP) reached $54 billion in 2007, Wang said.

Both Hangzhou and Dubai are on a track of sound economic growth now and there is a great potential for the economic cooperation between the two cities, he said.

Wang hoped that Hangzhou and Dubai could seize the historic opportunity of globalization and achieve harmonious development on a reciprocal basis.

The forum is a significant opportunity for boosting the economic cooperation between the UAE and China, said Ahmed bin Byat, Secretary General of Dubai Executive Council.

We look forward to working hand in hand with this distinguished city (of Hangzhou), he added.

At the sidelines of the forum, representatives from Hangzhou and Dubai signed a memorandum of understanding on strengthening the economic cooperation between the two cities.